PenFed Cashback Rewards Visa

[Anonymous]

So I'm considering apping for the PenFed gas card but in order to join I would have to sign up for either the "National Military Family Association" or "Voices For America's Troops," which are $20, and $15 one-time non-refundable fee's respectively.  Obviously the fee would be worth it if I get accepted for the PenFed card, but if not, i would have essentially paid $15 for a HP.

Does anyone know a way around this?  Or, does anyone know how picky they are about the 5% gas card?  

[haulingthescoreup]

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@Anonymous wrote:

So I'm considering apping for the PenFed gas card but in order to join I would have to sign up for either the "National Military Family Association" or "Voices For America's Troops," which are $20, and $15 one-time non-refundable fee's respectively.  Obviously the fee would be worth it if I get accepted for the PenFed card, but if not, i would have essentially paid $15 for a HP.

Does anyone know a way around this?  Or, does anyone know how picky they are about the 5% gas card?  

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Read around --lots of info here on this.

You have to join something. Do they still have the American Red Cross as a joining option?

I did the NMFA as a one-time deal. I figured that if I could help a kid with a parent on active duty go to summer camp or something, it was worth it.

This is a hard card to get. They want an established history, almost no reported debt, not many recently opened accounts, and very very few inquiries on Equifax. If you're self-employed or have highly variable income, be prepared for a long battle of proving financial worth.

Note: yes, there are exceptions to the above, but they are few and far between.

[Anonymous]

FOR ALL CREDIT CARDS YOU NEED TO SEND DOCUMENTS TO PROOF YOUR INCOME?

[wmarat]

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@Anonymous wrote:

FOR ALL CREDIT CARDS YOU NEED TO SEND DOCUMENTS TO PROOF YOUR INCOME?

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YES

[haulingthescoreup]

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@Anonymous wrote:

FOR ALL CREDIT CARDS YOU NEED TO SEND DOCUMENTS TO PROOF YOUR INCOME?

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Most people do for PenFed CC's. Certainly not for all CC's, as in CC's from all lenders.

When I applied for PenFed, I was a Federal employee, and I just told them my pay grade. Since it's nationally published what people in my job made, they never asked for proof of income.

I've never once had to supply documents to prove income, to anyone. I'm always ready, though.

[Anonymous]

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@haulingthescoreup wrote:

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@Anonymous wrote:

So I'm considering apping for the PenFed gas card but in order to join I would have to sign up for either the "National Military Family Association" or "Voices For America's Troops," which are $20, and $15 one-time non-refundable fee's respectively.  Obviously the fee would be worth it if I get accepted for the PenFed card, but if not, i would have essentially paid $15 for a HP.

Does anyone know a way around this?  Or, does anyone know how picky they are about the 5% gas card?  

---

Read around --lots of info here on this.

You have to join something. Do they still have the American Red Cross as a joining option?

I did the NMFA as a one-time deal. I figured that if I could help a kid with a parent on active duty go to summer camp or something, it was worth it.

This is a hard card to get. They want an established history, almost no reported debt, not many recently opened accounts, and very very few inquiries on Equifax. If you're self-employed or have highly variable income, be prepared for a long battle of proving financial worth.

Note: yes, there are exceptions to the above, but they are few and far between.

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True. It's become the 'white whale' for many.

By the time I'm the CC customer PenFed wants, their product won't actually be very useful. It's a timing issue and I don't own a car. I'm stubbornly keeping the account despite the unlikelihood of ever getting a re-approved offer due to being opted-out.

After 6 or so months of gardening, I'm going for USAA. They have a better interest rate and my chances will be better with them than PenFed.

[MarineVietVet]

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@wmarat wrote:

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@Anonymous wrote:

FOR ALL CREDIT CARDS YOU NEED TO SEND DOCUMENTS TO PROOF YOUR INCOME?

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YES

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I can only speak from my experience but I have 7 CC's and have never been asked to verify income for any of them. YMMV.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Red1Blue]

Most of the Credit Union's require the proof of income. I have not see one that did not ask me for proof of income.

[Anonymous]

Ok thanks for all the info!  I did a quick search prior to making this thread but didn't find what I was looking for.  

Again, I don't have a problem contributing $15 to the organizations PenFed lists as options if you are not otherwise eligible, but I don't necessarily want to pay $15 just to get rejected and have another inquiry on my report.  If it truly is a difficult card to get approved for I'm not going to bother because although I have a pretty good score (720+) I do have quite a bit of student loans (in deferment) and about 15% util across all of my CCs right now.

I guess the next step for me is to search the forums for info on other gas cards!

Thanks again.

[Anonymous]

PenFed does a hard pull when you ask for membership. IIRC, most apply for the card when joining to avoid a second pull.

Searching whogavemecredit to see how your profile matches up against thiose who were approved is always an option.

It's a great product, just hard to get without really excellent credit. I'm not saying don't apply, LOL!